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University not essential for success, exam board says

Jul 17 2008

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A rich list based on the most wealthy entrepreneurs who have not attended university has shown that being highly-educated is not a prerequisite for success.

Heading the list, which was compiled by vocational training exam board City & Guilds, was diamond magnate Laurence Graff with a fortune of £2 billion.

Graff knocked Phones 4U founder John Caudwell off the top spot, which he has occupied since the list's creation in 2003.

According to City & Guilds, the average fortune of the top 25 vocational entrepreneurs is £525 million and more than half of them have expanded their fortune in the last year, despite the credit crunch.

Managing director at City & Guilds Bob Coates explains that the success of the entrepreneurs 'shows that there's a lot to be learned from the on-the-job training that shaped their approach to doing business'.

Yesterday the government announced it is to develop new measures to ensure all apprenticeships are of a uniform 'top quality'.

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